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Just clarifying....


bzorc
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Just for my clarification:

I have a client (a sole-proprietor, with no employees)whose Schedule C income is $218,000. What is the maximum SEP contribution that can be made for 2000? Is it $25,500 (15% of 170,000) or $22,174 (13.0435% of 170,000)?

Thanks for any replies.

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Guest mcdonnell

I vote for $25,500. See Worksheet Example on Page 52 of Publication 590 and Worksheet Example on Page 18 of Publication 560.

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